Financial News
Jason Corcoran in Moscow
03 December 2007
Russian railways monopoly RZD has chosen investment banks UBS and Troika Dialog to manage the sale of a 15% stake in its freight subsidiary Transcontainer.
The private placement is part of the third stage in the reform of the Russian rail sector, which envisages selling stakes worth $15bn (€10.2bn) in parent RZD and its subsidiaries on the stock markets.
RZD said it needs 13 trillion roubles (€362bn) to modernise its network. It also wants to use the 9,288km Trans-Siberian Railway to carry more container freight from Europe to Asia.
UBS and Troika beat off competition from 10 other banks which were admitted to the tender. A roadshow for sale of shares will kick off next week with the European Bank of Reconstruction and Development tipped as a buyer of 10% of shares worth $250m. An IPO for 25-30% of Transcontainer’s shares is expected to be held early next year.
www.efinancialnews.com
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